FX.co ★ Wave analysis of the GBP/USD currency pair for November 22, 2017

Analysis of wave counting:

After retreating from the highs reached on Monday, the GBP/USD pair spent the whole day yesterday within the range limited by 1.3265-1.3210. The resulting wave situation allows us to assume that the currency pair has made another attempt to complete the formation of the wave e, in b, in the 4th. If this is the case, then testing the level of the 33rd figure can lead to a resumption of the decline in quotes, which in turn will mark the beginning of the future wave with, in the 4th.

Objectives for building a downward wave:

1.3065 - 38.2% by Fibonacci

1.2882 - 50.0% by Fibonacci

Goals for building an upward wave:

1.3291 - 23.6% by Fibonacci

1.3400

General conclusions and trading recommendations:

The construction of the downward wave 4 in the upward trend section continues. Now it is possible to resume the decline in the price of the trading instrument with targets near the estimated level of 1.2882, which corresponds to 50.0% of Fibonacci, within the wave c, in 4. Wave b, in 4, resumed its construction, having complicated its internal structure, about 1.3291. The divergence of the MACD_aka cautions of the willingness of the trading instrument to build a downward wave. An unsuccessful attempt to breach the 1.3291 mark may lead to the retreat of quotes from the highs reached.